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Peter Brandt, a professional crypto trader, has called on XRP’s doomsday. According to Brandt in a tweet on August 14, 2019, if XRP fails to trade above $0.24, then nothing is stopping it from sinking to $0.020725. On the other hand, loyal holders of XRP, the third-largest asset by market cap have spit fire and brimstone at Brandt for making such a bold call.
Will Ripple be able to manipulate the market to keep $XRP above .2400? A serious breakdown at this level, and .020725 is in the cards. pic.twitter.com/QAyfMcwaZd
— Peter Brandt (@PeterLBrandt) August 14, 2019
Peter Brandt Asks If Ripple Can Continue to Manipulate XRP
Peter Brandt recently asked if Ripple, the blockchain company backing XRP will be able to “manipulate” the asset’s price, as usual, to keep it trading above $0.24. The crypto enthusiasts outlined that if Ripple fails to do so, then XRP will break further down to $0.020725; a range it was valued at in April 2017.
When asked by one of his thousands of followers why he believes Ripple is manipulative, Brandt said the blockchain company had influenced XRP’s price from day one. Specifically, Ripple allegedly kept distributing more XRP in the market in a systematic pattern in a bid to maintain its support.
In Brandt’s own words:
“The chart pattern for many, many months have shown the distribution of XRP by Ripple — it has manipulated the price to hold support. But if support gives way Ripple will be forced to dump in a major way.”
XRP Community Comes to Ripple’s Defense
On the other hand, the XRP community was not quick to agree with the professional trader. According to them, Brandt is certainly wrong this time, and it wouldn’t be the first time he is. Another said Ripple has never purchased XRP in a bid to manipulate its price; instead, it distributes the cryptocurrency in a way that promotes the ecosystem’s growth.
One more member of the crypto space who made comments on Brandt’s tweet is Sir Gordon Gekko, CEO of Sir Gekko Capital Holdings. Sir Gordon Gekko asked Brandt how much he and Tone Vays, a YouTube content creator were paid to make bearish tweets about XRP.
Vays, on the other hand, had stated that the U.S. Securities and Exchange Commission (SEC) is coming for Ripple with Thor’s hammer. Vays’ comment was made in reference to a recent lawsuit against Ripple from members of the public that it had issued XRP as an unregistered security. The plaintiffs also claim Ripple had falsely advertised XRP upon its introduction to the market.